TISA congratulates Chancellor, new Secretaries of State and Ministers on appointments; calls for action on pensions and long-term savings
The Investing and Saving Alliance (“TISA”) welcomes the appointment of and looks forward to working with the Chancellor, Rt Hon Rachel Reeves MP, and the new Secretaries of State in the Labour Government.
TISA also congratulates Tulip Siddiq MP and Emma Reynolds MP on their new appointments as City Minister and Pensions Minister, respectively, and is ready to support the new government’s national mission of stimulating economic growth and overcoming the challenges in the pensions and long-term savings landscape in the UK, improving financial outcomes for all UK households.
Carol Knight, Chief Executive Officer, said: “We look forward to building a productive and long-lasting relationship with the Chancellor, Secretaries of State for Work and Pensions and Business and the City and Pensions Ministers in the new Labour Government. Together, we can work to develop a sustainable pension system for the long term, improve financial outcomes across all demographics and boost UK economic growth.
“As part of that effort, we will engage actively and fully with the anticipated review of the pensions landscape in order to help build a cohesive, sustainable and effective pensions system that improves outcomes for savers.”
In its manifesto released in June, The Investing and Saving Alliance set out several gradual steps to improve the pensions and long-term saving systems in the UK. These include:
- Creating a Long-Term Savings & Investments Commission to achieve long-term, consistent and holistic policy stability, which in turn will increase understanding, certainty and trust for consumers.
- Building financial education into the national curriculum for primary schools to unlock economic growth by improving financial literacy and financial inclusion.
- Enabling Financial Services firms to provide Targeted Support to their customers to improve consumers’ lifelong financial wellbeing and decision making.
- Supercharging Smart Data policy to allow consumers to benefit from more secure and innovative Financial Services.
- Commissioning an Independent Review on the pension adequacy shortfall crisis to prevent millions from suffering an undignified retirement.
Carol Knight added: “Once again, we would like to express our sincere congratulations to the new Secretaries of State and Ministers. We look forward to discussing how our proposals align with Labour’s Five Missions for Government and working alongside the Treasury and DWP to streamline the ISA and pensions landscape and help the UK economy reach sustained levels of growth.”